Yulu is looking to raise a total of $15-20 million in the ongoing funding round.
Rest of Asia
SoftBank will soon start discussing the second fund with the investors, Son said at the group's annual general meeting.
The VC's second fund was launched early last year with a target corpus of $100 million.
The accelerator also unveiled its inaugural cohort of startups from sectors ranging from remittance and transportation to human resources.
A day ago, its close competitor, Bounce, closed a $72-million Series C funding round.
The investment marks the largest capital infusion in the company since it was founded five years ago.
Zhenkunhang is an e-commerce platform for industrial products, including MRO services.
Linkwiz will focus on overseas expansion by establishing hubs to showcase smart production systems.
The funding round was led by global healthcare-focused fund HBM Healthcare Investments.
Catalys has already secured $80 million in capital commitments for the fund.
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